Yet another round of pink slips hit the Mortgage Bankers Association on Monday.
According to two lobbyists close to the group, the MBA announced about 20 layoffs--including some vice presidents-- in areas such as marketing, education, membership and government affairs. The latest cost cutting move is the third in the last year by the group which has been hit hard by the subprime mortgage debacle. We reported back in December on some of the layoffs last year.
The MBA's financial woes are partly due to the loss of several big members such as Countrywide and Wachovia-- which have been forced to merge due to the recession-- and a number of smaller member companies, which have gone bankrupt.
--Peter Stone
UPDATE @ 4:15 PM: Mortgage Bankers put out a statement.
"The real estate finance industry and MBA member firms have been facing tough economic challenges. Over the course of the past year, MBA has aggressively implemented rigorous cost cutting measures, from streamlining program expenses to eliminating lower priority product offerings. The goal has been, and continues to be, ensuring that MBA is properly structured to deliver value to our member firms. We deeply regret the need for today's reduction in force and the resulting departure of so many of our talented and dedicated employees."
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